We don't believe there was really any impairment of our
franchise at all during the quarter, but I don't want to
sugarcoat things. I think we underperformed during the
quarter. So just a little more on that. Every business, as I
imagine, had positive revenues. So it's not like there were big
losses somewhere. Volumes were lower, but they weren't a lot
lower, which is why I tell that we don't think there was any
impairment of our franchise. We have certain -- I mean, it's
harder to figure out volumes in some of the FICC businesses than
it is in Investment Banking, where you have league tables and you
have volume numbers. But we have several measures that we use,
and I would tell you that they were down but down modestly. Given
some of the macro uncertainties that we saw, many of which were
driven by political rather than economic issues -- so they're
much harder to analyze, certainly for us -- we didn't manage the
market-making inventory that we get as well as we have in the
past. That was true across the franchise. It was especially true
in Europe and Asia, where many of these macro political concerns
existed. As a result, we retained very, very little risk.